Beware the Microwave Entrepreneur

Beware the Microwave Entrepreneur“If it sounds too good to be true, it usually is” -Anonymous

Ah, yes…we have all come across those banner-laden websites which claim they are able to make you demi millionaires in no time at all.  What is even better is that normally, you don’t have to do a lot of work because you can make money while you sleep!

Sadly, these sites seem to be popping out of the woodwork in recent years and it is likely that their presence will continue to grow as people are finding alternative ways to supplement their incomes.  But don’t be fooled.

As someone who has been steadily growing their business for over a decade, there is simply no substitute for hard work, dedication and innovation if you want to succeed.  So simply put, if you wish to avoid the tears and loss of your savings, then here are a few common sense words of advice that you should consider when you come across the “unproven” self-acclaimed “gurus” of the get-rich-quick business world?

If One Worked, the Rest Would Be Obsolete

This is simply the law of averages.  If any single “guru” had ever discovered a way for you to make millions of pounds overnight, all of the other numerous sites would quickly become extinct.  Think of these portals as the miracle tonics that were around during the final part of the 19th century.  Modern-day snake oil simply does not exist, nor has it ever existed.  If you still believe otherwise, there is a bridge that I would love to sell you.

Why Give the Secret Away?

While there is nothing wrong with generosity, would modern millionaires have ever enjoyed their success if they had shared their “inner” secrets with others?

When Bill Gates (Windows) and Steve Wozniak (Apple) came up with the idea for computers, did they run out and publish an advertisement in the local newspapers to give out their ideas to any other budding programmers?

The truth of the matter is that the best and most innovative moneymaking ideas are kept secret, patented and protected; this is the very same reason for their success.  Never be taken in by those who claim “I will show you the same methods I used to make thousands of pounds during my first week of business.”  In fact, it is likely that the only way that such  “experts” make any money is by convincing others into believing that they have reinvented the wheel.

Where’s the Guidance?

Many of these microwave gurus are happy to give you plenty of anecdotes.

They can tell you about how Mr. and Mrs. Smith used the EXACT same methods to purchase a house on the Gold Coast, but are not very likely to tell you about the ADVICE that they used (if, in fact the anecdote is real).  This is a common criticism of such columns and such situations have been well documented in cases where they have been described as “operating a cult of personality with little to go on in the way of substance!”

They will often paint the picture in broad strokes, but they rarely give you concrete and measurable examples.   They often give you misleading and dangerous advice.

Even Professionals Make Mistakes

The best way to avoid a financial meltdown is to always take such advice with a grain of salt.  One example is the famous case of Jim Cramer.

Cramer was actually very visible within the financial world.  He even had his own talk show on CNBC called Mad Money.  However, fame alone does not equate to sound advice.  Believe it or not, this self-proclaimed wizard actually ENCOURAGED people to invest in falling firms such as Bear Sterns and AIG during the financial meltdown of 2007.  Although he later claimed that the heads of these companies “lied” to him, it did not take a genius to see that such a time period was not the most conducive for any investment.

Pay Now, Success Later

One of the ways that these sites will “hook” you is by providing a tempting treat such as a picture of a cashed check or a stock image of a smiling woman holding a bundle of money.  If course, nothing is for free.  At the end of the day, you will have to pay a substantial amount of money to glean such apparently “expert” advice.  What is more is that if their methods were so simple, why is the book 300 pages long?  How much of this is actual advice as opposed to fluff and double talk?  There is a beauty in simplicity and the concepts are what is required.

The Dubious Return Policy

This one is an oldie but goodie.

Let’s assume that you come across a site that looks too good to be true.  As you about to leave the page, you notice that there is a 30-day money-back policy on all of their products.  So, you have little to risk, correct?  Think again.  You need to understand the way that these gurus operate.  Normally, they will only guarantee that the book or information can be refunded AFTER the date of the initial purpose.  However, they fail to mention that “processing times” may take up to two weeks or longer before the material is even shipped.  The Fraud Practices claim this practice is quite common and even if the material can be downloaded, similar hidden clauses are likely to be present. Read the small print!

Hard Work Pays Off

Unless one has suddenly inherited a great amount of money, millionaires do not appear overnight.  Examples such as J.P. Morgan and J.D. Rockefeller are perfect examples here.  Early success took dedication, faith and not a small amount of risk.

Getting rich quick is simply not an option.  What would happen if someone approached you on the street and told you that you could make £600,000 pounds in 30 days?  You would likely ask how illegal the task was and walk away.  The very same approach should be taken here.

Keep your eye on the horizon, brush off the supposed “gurus” and follow sound advice from those with a PROVEN track record that can be independently verified.